No director, officer, insurance producer, or employee of any mutual insurer party to a reorganization or conversion to a corporation with capital stock may receive any fee, commission, compensation, or other valuable consideration for that participation except as set forth in the reorganization or conversion plan.
S.D. Codified Laws § 58-5-138.1
Compensation of officer, insurance producer, or employee of converting mutual insurer prohibited
Source: SL 1984, ch 325, § 2; SL 2001, ch 286, § 74.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.